The company responsible for one of the biggest collapses in cryptocurrency history, FTX, is seeking regulatory approval to liquidate US$3.4 billion (R$16.8 billion) in digital assets. This “dump” of cryptoassets on the market causes apprehension and has already dropped the price of cryptocurrencies such as Solana (SOL). This is because SOL is one of the main assets that FTX still holds and intends to sell.
FTX owns around 55.8 million SOL, valued at around US$1 billion or around R$5 billion. This corresponds, according to a CoinGecko survey, to 10% of the total SOL supply.
Bitcoin (BTC) follows closely, as FTX holds around 20,500 BTC, equivalent to US$560 million or R$2.7 billion. However, this constitutes a small portion of the circulating supply of BTC, at just 0.1%.
Ethereum (ETH) is in third place in FTX’s holdings, with approximately 112.6 thousand ETH totaling US$192 million (R$950 million), representing 0.09% of the circulating supply of ETH.
SOL, BTC, and ETH collectively account for a substantial 56.3% ($1.9 billion) of FTX’s vast portfolio of $3.4 billion in cryptocurrency assets.
FTX’s holdings also include Aptos (APT), Tether (USDT), Ripple (XRP), BIT (BITDAO), Stargate Finance (STG), Wrapped Bitcoin (WBTC), and Wrapped Ethereum (WETH), collectively constituting 21.8% of their holdings.
As CoinGecko reported, the remaining 21.9% of FTX’s portfolio comprises more than 400 additional tokens.
FTX SOL Unlock Schedule
A large portion of FTX’s SOL holdings are subject to a structured vesting schedule. Despite their substantial holdings in SOL, it is important to note that the majority of these holdings consist of purchased tokens (42.2 million tokens), which are not immediately tradable on the market.
FTX’s SOL unlock schedule is as follows:
Based on the vesting schedule, 618.4 thousand SOL are unlocked every month. This represents about 1.1% of FTX’s total SOL holdings. However, it is worth noting that a massive unlock of 7.5 million SOL is expected to occur on March 1, 2025, constituting a substantial 13.5% of FTX’s total SOL holdings.
Regarding Bitcoin and Ether, the report notes that the two cryptocurrencies account for 22.1% of FTX’s holdings. However, BTC and ETH only represent about 0.10% of the circulating supply of their respective cryptocurrencies. Therefore, in the event of liquidation, the market should be able to absorb these holdings without a significant impact.
FTX also holds US$137 million (R$677 million) in APT, representing 4% of its total holdings. These tokens also represent around 10.4% of the current APT supply in circulation.
However, it is important to highlight that the exact distribution between liquid and illiquid APT tokens is unclear due to vesting agreements.
Additionally, FTX maintains a $119.0 million stake in XRP, comprising 3.5% of its portfolio. These 225.4 million tokens represent about 0.43% of the current XRP supply in circulation, indicating a potentially smaller market impact than SOL and APT.
Meanwhile, FTX’s holdings also comprise $46.0 million in STG, representing 1.35% of its portfolio. Despite their lower monetary value, these 83.8 million STG tokens constitute a substantial 41.03% of the current STG circulating supply. In other words, the eviction could impact the price of the digital asset.
Finally, regarding stablecoins, FTX holds $120.0 million in USDT as of August 31, pledging 3.5% of its total holdings.